Core Viewpoint - A consumer raised concerns about a product from Zhongshun Jierou, specifically a handkerchief with a red tape, questioning its safety and potential health risks. The company responded by stating that the tape was a production marker that should have been removed before the product reached consumers, and they are conducting further testing to ensure safety [1][4][5]. Group 1 - A consumer reported finding a handkerchief with a large piece of red tape, expressing concerns about the quality control of a major brand and the potential health risks associated with using the product [4]. - Zhongshun Jierou confirmed that the red tape was used for marking semi-finished paper rolls and should have been removed before the final product was packaged. The company acknowledged a lapse in their quality control process that allowed one product to reach the market with the tape still attached [4][5]. - The company stated that the tape complies with national standards and has sent samples for third-party testing, promising to disclose the results publicly. They are also conducting a comprehensive quality review and will recall any products found to be problematic [4][5]. Group 2 - The consumer has not yet accepted the compensation offered by Zhongshun Jierou and remains concerned about the safety of the product while awaiting the results of the tape testing [5]. - The company emphasized its commitment to communicating with the consumer and resolving the issue, although the testing process requires time [5].

（文章来源：证券日报） 证券日报网讯岳阳林纸11月25日在互动平台回答投资者提问时表示，公司积极探讨绿色金融产品在相关 领域进展，会关注相关领域动态；海外碳信用方面，公司正根据相关方法学开发国际认可度较高、实行 碳捕捉碳吸附的碳资产。 ...

日前，有福建的消费者在社交平台投诉，在洁柔的手帕纸中发现粘有红色胶带，此事引发关注。11月25日，中顺洁柔针对此事发布声明称，红色胶带实为生 产工艺所需用于标识半成品纸卷"接头"胶带，依流程应在成品环节前予以剔除，并表示，企业已主动将同批次胶带送第三方权威机构检测，检测结果将及时 向社会公布。 消费者称洁柔手帕纸粘有红色胶带 客服称胶带遇水即化 但消费者称并没有 11月25日，南都湾财社记者尝试联系采访该消费者，截至发稿前未得到回应。 该消费者发布的图片显示，一张纸巾表面粘有一块红色异物。 该消费者表示，洁柔客服曾向她解释，红色异物为水溶性环保胶带，遇水即化，因此该消费者将部分胶带放置水中并拍摄了视频，视频显示，红色胶带在水 中放置一段时间后依旧完整。 消费者视频截图 据消费者11月25日在评论区的最新发文，洁柔方面已向其致歉并提供了补偿方案，该消费者要求洁柔方面公开关于此事的说明报告。 中顺洁柔： 红色胶带为生产中标识半成品纸卷的"接头"胶带 客服已就"遇水即化"向消费者道歉 针对此事，11月25日下午，中顺洁柔官方账号发布声明表示，高度重视此事，并第一时间组织内部全面核查。 声明显示，经核实，该款"OU2 ...

Core Viewpoint - Ningbo Fubon (600768.SH) is planning to transfer a 2.5% stake in its subsidiary Ningbo Zhonghua Paper Co., Ltd. to Gold East Paper (China) Investment Co., Ltd. to enhance asset efficiency and sustainable development capabilities [1] Group 1 - The company has received an intention payment of RMB 50 million from Gold East Paper as per the framework agreement for the equity transfer [1] - The transfer of minority equity aims to optimize the asset structure and improve capital operation efficiency, aligning with the company's current development plan [1] - If the transfer is successfully completed within the year, it is expected to have a positive impact on the company's performance in 2025 [1]

Core Viewpoint - Hunan Xinglong Paper Industry Co., Ltd. has been established with a registered capital of 2 million RMB, focusing on various paper and bamboo product manufacturing and sales [1] Company Summary - The legal representative of Hunan Xinglong Paper Industry Co., Ltd. is Sun Nengli [1] - The registered capital of the company is 2 million RMB [1] - The company’s business scope includes manufacturing and sales of paper and paperboard containers, paper products, cork products, and bamboo products [1] Industry Summary - The company is involved in general projects such as internet sales (excluding items requiring permits), daily necessities sales, and import-export activities [1] - The company is permitted to conduct business activities independently based on its business license, except for projects that require legal approval [1]

证券日报网讯民丰特纸（600235）11月24日在互动平台回答投资者提问时表示，公司目前从事的主要业 务为纸和纸制品的研发、生产和销售；主要面向的客户包括中烟公司、标签制造商和纸品经销商等。 ...

（文章来源：证券日报） 证券日报网讯民丰特纸11月24日在互动平台回答投资者提问时表示，根据补偿协议，公司在收到南湖厂 区的第一笔拆迁补偿款后，将专项用于土壤污染调查和修复，若有多余可用于生产经营。 ...

投资咨询业务资格：证监许可【2012】31号 【纸浆周报（SP)】 纸浆交易逻辑转向"弱需求"，考虑1-5反套 国贸期货 农产品研究中心 2025-11-24 杨璐琳 从业资格证号：F3042528 投资咨询证号：Z0015194 王新博 从业资格证号： 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议；期市有风险，投资需谨慎 F03134647 01 PART ONE 主要观点及策略概述 纸浆交易逻辑转向"弱需求"，考虑1-5反套 | 影响因素 | 驱动 | 主要逻辑 | | | --- | --- | --- | --- | | 智利Arauco公司10月针叶浆银星报价680美元/吨，阔叶浆明星报价540美元/吨，本色浆金星报价590美元/吨，进口报价总体表现为针叶 | 供给 | 偏空 | | | 浆下降，阔叶浆上涨的情况；2025年10月中国纸浆产量为208.4万吨，环比上涨10.2%，纸浆供给端较为宽松。 | | | | | 需求 | 中性偏多 | 主要木浆用纸产量基本保持稳定，白卡纸价格出现明显上涨且有去库的趋势，生活用纸价格略有上涨，其余纸种保持稳定。 | | | 截 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The pulp market is currently in a state where port inventories are continuously accumulating, and with the expectation of increased future arrivals, market sentiment has significantly declined. Hedging positions have gradually entered the market. The fundamentals of pulp are relatively stable, and the spot market transactions are steady. In the short - term, it is difficult for factory demand to show significant improvement. The far - month contracts are facing pressure after reaching the hedging points of Ural and European softwood pulp. As port inventories continue to accumulate and future arrivals are expected to increase, market sentiment has clearly cooled down. Hedging positions have entered the market one after another, the intention to register warrants has increased, and long - position confidence has weakened, leading to a reduction in positions and an exit from the market. It is expected that pulp will enter a range - bound stage [20]. 3. Summary According to the Directory Part 1 Pulp Overview 1.1 Supply - side - **Domestic Production**: In the week of November 21, 2025, the production of domestic hardwood pulp was 230,000 tons, a slight increase of 0.10 tons compared to the previous week, with a year - to - date decrease of 0.87%. The production of chemimechanical pulp was 237,000 tons, an increase of 0.10 tons from the previous week [11]. - **Imports**: In October 2025, China's total pulp imports were 2.618 million tons, a month - on - month decrease of 11.3% and a year - on - year decrease of 2.1%. The cumulative imports for the year were 29.679 billion tons, a year - to - date increase of 4.8%. Affected by the decrease in working days in October and possible vessel - schedule control by some foreign suppliers, domestic imports declined more than expected in October. However, overseas shipments did not show significant changes. Hardwood pulp shipments increased in September, and it is expected that arrivals will increase in November [11]. 1.2 Demand and Inventory - side - **Demand**: Terminal demand remained unchanged, and downstream production was stable. In the week of November 20, 2025, the production of various downstream paper products was relatively stable. It is expected that downstream production will be supported during the year - end small peak season [13]. - **Inventory**: Port inventories were in a state of oscillating accumulation due to increased arrivals and rigid - demand procurement from downstream. Warehouse receipt inventories were in a state of destocking. With the relatively low price of the November contract, the intention to buy for delivery increased, and warehouse receipts were gradually cancelled, but the pressure of remaining old warehouse receipts was still large [13]. 1.3 Price and Spread - **Quotations**: Market research shows that after the Chongqing ordering meeting, external quotations are expected to rise, with both softwood and hardwood pulp increasing by $20. - **Spot Prices**: After the price increase, spot transactions weakened, and market sentiment cooled down. With the rapid accumulation of port inventories, some softwood pulp spot prices were gradually reduced, while hardwood pulp prices were relatively firm due to arrival schedules and rigid - demand procurement. - **Futures Prices**: The pulp fundamentals were relatively stable, and spot transactions were steady. The far - month contracts faced pressure after reaching the hedging points of Ural and European softwood pulp. With the continuous accumulation of port inventories and the expectation of increased future arrivals, market sentiment clearly declined, and hedging positions entered the market, leading to a decline in the futures market [15]. 1.4 Cost and Profit - **Cost**: The cost of domestic hardwood pulp was relatively stable, while the import cost of pulp was expected to increase in the next round. - **Profit**: The profit of domestic pulp was expected to increase slightly, while the profit of imported pulp was expected to be further squeezed. The profit of paper products was expected to be relatively stable [17]. 1.5 Strategy Recommendation - Given the current situation where there are no obvious contradictions in the market, it is recommended to adopt a wait - and - see approach. In a wide - range oscillating pattern, if one holds deliverable spot goods with appropriate costs, they can sell call options or accumulate put options on the 03 contract when prices are high. If one wants to purchase goods at a low price, they can sell put options or accumulate call options when prices are low to achieve cost - reduction and high - point hedging [20]. Part 2 Pulp Balance Sheet The report provides a detailed pulp balance sheet from January 2024 to December 2025, including supply (domestic production, imports), demand (downstream production, pulp consumption), and inventory (port inventory, warehouse receipt inventory) data, as well as their cumulative values and year - on - year changes [23]. Part 3 Pulp Supply and Demand Analysis 3.1 Global Pulp Supply and Demand Analysis - **Supply**: Information on global pulp shipments is presented, but no specific data is provided in the summary for brevity. - **Demand and Inventory**: Information on European pulp apparent demand and inventory is presented, but no specific data is provided in the summary for brevity. 3.2 Domestic Pulp Supply and Demand Analysis - **Supply - side**: - **Imports**: The report provides data on the import volume of various types of pulp (softwood, hardwood, chemimechanical pulp, etc.) and wood chips (softwood chips, hardwood chips) from 2022 to 2025, including monthly and cumulative data and year - on - year changes [42][45][65]. - **Production Capacity and Planned Investments**: A large number of domestic paper - making enterprises' production capacity expansion and new project investment plans are listed, including the production capacity, location, and expected commissioning time of each project [98]. - **Demand - side**: - **Apparent Demand**: Data on the apparent demand of various types of paper products (toilet paper, offset paper, coated paper, white cardboard) from 2022 to 2025 are provided [137][138][140][142]. - **Export and Import**: Data on the import, export, and cumulative import and export volume of various types of paper products from 2022 to 2025 are provided [101][118][127]. - **Inventory - side**: Data on the total inventory, warehouse receipt inventory, and port - specific inventory of domestic pulp from 2022 to 2025 are provided [147][150][153]. Part 4 Cost and Profit - **Import Cost and Profit**: Information on the import cost and profit of pulp is provided, but no specific data is provided in the summary for brevity. - **Domestic Pulp Production Cost and Profit**: Information on the production cost and profit of domestic pulp is provided, but no specific data is provided in the summary for brevity. Part 5 Pulp Price and Spread Analysis - **External Quotations**: Information on the external quotations of pulp is provided, but no specific data is provided in the summary for brevity. - **Seasonal Price and Spread**: The report provides seasonal price and spread data for various types of pulp (Silver Star, Russian Needle, Goldfish, etc.) from 2022 to 2025, including price seasonal charts, spread seasonal charts, and basis charts [177][179][183].

Report Industry Investment Rating - Not provided in the content Core View of the Report - The supply of coniferous pulp is decreasing due to production cuts by major global coniferous pulp mills, while the increase in broadleaf pulp production makes it difficult to relieve the supply pressure, leading to a continuous differentiation between coniferous and broadleaf pulp. Geopolitical factors have reduced imports from North America, but increased imports from Brazil, Chile, Finland, and Uruguay have supplemented the supply. Overall, China's total pulp imports are at a historically high level. The pulp futures market has been in an adjustment trend since February this year, and attention should be paid to the stabilization of the market. Waiting for the recovery of demand, the market is expected to bottom out and rebound [2][3][14] Summary According to the Table of Contents 1. Market Review - In 2025, the pulp futures generally showed a downward trend from a high level. From January to October, it dropped significantly due to increased wood pulp imports, frequent macro disturbances, and poor profitability of downstream paper mills, resulting in weak demand. From October to the present, there has been a slight rebound as the traditional peak season for the paper industry arrived in October, new production capacity of tissue paper enterprises was continuously released, and pulp demand slightly recovered [8] 2. Pulp Fundamental Analysis Import Volume - China has a high degree of external dependence on pulp, especially for bleached softwood pulp. In 2025, from January to October, the cumulative import volume and amount increased by 4.8% and -2.0% respectively compared with the same period last year. Specifically, the cumulative import volume of coniferous pulp was 712.24 million tons, a year-on-year increase of 2.74%, and that of broadleaf pulp was 1382.63 million tons, a year-on-year increase of 10.33% [2][13] European Port Inventory - In September 2025, the total inventory of European ports decreased by 4.39% month-on-month and 0.49% year-on-year. Except for the inventory in Spanish ports remaining flat month-on-month, the inventories in ports of the Netherlands/Belgium/France/Switzerland, the UK, Germany, and Italy decreased by 1.36%, 2.17%, 6.87%, and 9.55% respectively month-on-month [19] Domestic Major Port Inventory - As of November 20, 2025, the total pulp inventory in Baoding, Tianjin Port, Rizhao Port, Qingdao Port, Changshu Port, Shanghai Port, Gaolan Port, and Nansha Port was 201.04 million tons, a week-on-week increase of 1.71%, with the growth rate narrowing by 2.51 percentage points [22] Pulp Consumption - In recent years, the global apparent consumption of pulp has been stable at 1.8 billion tons. In the long run, the global pulp supply and demand are basically balanced. Wastepaper pulp consumption is the main consumption method of pulp in China, accounting for 63% of the total pulp consumption; wood pulp consumption accounts for 31%, and imported wood pulp consumption accounts for 21%; non-wood pulp consumption accounts for 6% [24] Downstream Paper Mills - The operating load rate of downstream paper mills has decreased, the profitability of the paper industry has improved poorly, and they purchase raw materials based on rigid demand. High-price transactions in the pulp market are not smooth. As of November 20, the weekly average price of Silver Star spot was 5560 yuan/ton, and the current gross profit margin was below the break-even line [29] Domestic Market Prices - As of November 20, the weekly average price of imported coniferous pulp was 5567 yuan/ton, a 0.02% increase from last week, with the growth rate narrowing by 1.07 percentage points; the weekly average price of imported broadleaf pulp was 4392 yuan/ton, a 1.62% increase from last week, with the growth rate narrowing by 0.05 percentage points. The downstream paper mills' operating rate has decreased, and high raw material prices have suppressed their purchasing enthusiasm. The domestic broadleaf pulp supply is abundant, and the price increase is weak. The spot market price of imported broadleaf pulp is running weakly [34] 3. Future Outlook - China's high external dependence on pulp remains unchanged, and the import volume and inventory data are similar to the previous analysis. The supply situation of coniferous and broadleaf pulp continues to differentiate, and the pulp futures market has been in an adjustment trend. Attention should be paid to the stabilization of the market, and waiting for the recovery of demand, the market is expected to bottom out and rebound [36][37]